Equity Research Report 19 December 2016 Ways2Capital

TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) NIFTY FIFTY : - Last week Equity Market witnessed one of the historic events in the Indian Economy where after the Demonetization, markets were keenly expecting a minimum of 25 bps rate cut. But, to surprise all, Reserve Bank of India kept the stance unchanged shocking the markets on Wednesday. The Indian Equity benchmark Nifty opened in a negative bias on Monday trading Session Down by 31 points or 0.37 at 8230. The Last Week upside rally was contributed by strong fundamentals of the Indian economy accompanied with strong International markets. In last 24 trading sessions post Demonetisation, Nifty 50 has thereafter made a low of 7916 on 21 November and two successive tops around 8250 on 01 December and again 8274 on 09 December. The Nifty is currently showing a range of 8180 - 8300 with good supports holding the base strongly. During the discussed period, domestic indices were mostly driven by internal issues or sentiments and an impact of global coupling was quite limited or shortlived. Combination of stronger USD and domestic jitters of economic slowdown and political disruptions as a result of demonetization may be significant headwinds for the Indian market in the coming Weeks despite relatively better macros among its EM peers. unless & until Nifty sustained above 8100-8200 zone for a few days, any “Santa” or “Pre-Budget” Rally in the absence of FII’s in this month of Dec may be utilized for long profit booking to prepare for a probable Jan-March selling spree, despite a hope for a “dream budget”. On Thursday trading Session The Nifty opened at 8229 and that was the day's high too. It fell sharply by 61 points to test its previous day's low of 8172 after making a low of 8172. Yellen’s comments about the 0.25% rate hike as “very modest adjustment” and her “confidence” in the US economy has sent the USD & US bond yields soaring and for the first time after a decade. Technically, Nifty still in positive zone. Market needs to close below 8170 for Nifty to enter into negative zone. US FED increased Interest Rates by 25 bps, which was very much expected by the markets. Market would see rollercoaster rides Next week. There is possibility of recovery after a negative opening but direction would remain uncertain until closing. Traders can initiate short positions only if Nifty closes below 8170. Nifty would see strong support at 8145-8100-8077-8000 whereas strong resistance would be seen at 8200-8230-8265-82808310 levels.

BANK NIFTY : - The Indian Baking index Bank Nifty opened in a Negative note down by 79 points or 0.42 per cent at 18616. The Reserve Bank has directed banks to keep record of new bank notes in view of seizures

by Income Tax Department and other law enforcement agencies of large quantities of high denomination notes.

It has been felt necessary to put in place an appropriate reporting system to keep track of issuance of these bank notes by the currency chests. Nifty Bank is still in positive zone. Bank Nifty would enter into negative zone once it closes below 18255 levels. Market may see some short covering but for now, Bank Nifty looks weak and traders can go short at every positive rally in the Market. Bank Nifty would soon enter into negative zone once it closes below 18255 levels and we could see some sharp downfall in the market in days to come. The Bank Nifty is expected to trade in bullish trend for next trading week. The Significance Levels for Bank Nifty is 18833-19759 is Upside and 17907-16981 is down side.

Monday, 19 December 2016

TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) NIFTY DAILY

WEEKLY

MONTHLY

R2

R1

PP

S1

8303

8201

8150

8099

R2

R1

PP

S1

8478

8270

R2

R1

8720

8340

R2

R1

8166

S2 7997 S2

8062

7854

PP

S1

S2

8150

7960

PP

S1

S2

18186

17878

PP

S1

S2

18361

17898

PP

S1

18348

17582

7580

BANK NIFTY DAILY

18802

WEEKLY

18494

R2

R1

19750 MONTHLY

18340

18824

R2

R1

20646

19114

16972 S2 16050

MOVING AVERAGE

21 DAYS

50 DAYS

100 DAYS

200 DAYS

NIFTY

8197

8321

8371

8285

BANK NIFTY

18580

18870

18812

18332

PARABOLIC SAR

DAILY

WEEKLY

MONTHLY

NIFTY

8238

8441

7826

BANK NIFTY

17952

20049

16124

PATTERN FORMATION ( NIFTY )

Detail of Chart - On the above given daily Chart of Nifty has Applied Bollinger Band along with Parabolic SAR both the indicators are Leading Indicators, and gives signal of Buying or Selling.

Although the Uses of Bollinger Band differ from traders to traders Some buy when it break the Lower Band from below side and some buy when it break Upper Band. We assume that the Breaking the Middle Band Usually a Up side is bull Signal as we can see on the above given chart it is Trading Above its crucial Psychological Level it is around 8120. if it is Sustaining 8100-8080 Level could lead the Nifty further Up side. Significance Support level of 8090-7995 And Significance Resistance for Nifty is 8201-8290.

PATTERN FORMATION ( BANK NIFTY )

Detail of Chart

-On the Above given daily Chart of Bank Nifty has Applied the Bollinger Band along

with Parabolic SAR. Both are the leading Indicators and give Signal on Breakout of Upper or Lower Band. On the Above given chart of Bank Nifty it is trading around Middle Band if it is not able Sustain the Support level of 18180. From this level we are Expecting the If the Bank Nifty is able to Sustain the Level of 18500 may go Further Up side to the level of 18800-19100 Level for Next week.

The Significance levels for Bank Nifty is 18494-19802 Up side and 18180-17880 is Down Side.

NSE EQUITY DAILY LEVELS COMPANY NAME

R2

R1

PP

S1

S2

ACC ADANI PORTS

EQ EQ

1333 289

1314 285

1298 282

1279 278

1263 275

AMBUJACEM ASIAN PAINT AXISBANK BAJAJ-AUTO BANKBARODA BPCL BHEL BHARTIARTL BOSCH LTD BHARTI INFRATEL CIPLA COALINDIA CAIRN INDIA LTD DRREDDY GAIL GRASIM HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK ITC INDUSIND BANK INFY IDEA CELLULAR KOTAKBANK LT M&M MRF MARUTI SUZUKI ONGC NTPC RCOM RELCAPITAL RELIANCE RELINFRA RPOWER SBIN SSLT( VEDL) SUNPHARMA TATA MOTORSDVR TCS TATAMOTORS TATAPOWER TATASTEEL UNIONBANK YES BANK LIMITED ZEEL

EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ

205 915 484 2694 164 621 126 323 20356 359 573 295 265 3145 429 841 843 1285 1189 3211 178 833 262 231 1108 1013 79 731 1370 1200 53393 5238 210 163 37 453 1066 507 44 268 241 662 305 2313 480 80 427 144 1209 451

204 908 477 2676 161 613 125 316 20184 357 570 292 260 3125 422 829 832 1275 1186 3168 177 826 260 229 1098 1009 78 724 1365 1190 52773 5214 205 162 36 448 1061 497 43 266 236 655 301 2299 477 78 421 141 1196 446

201 904 472 2662 160 609 123 313 20047 354 565 289 258 3113 416 823 823 1269 1178 3142 176 819 258 227 1083 1006 76 721 1358 1179 52377 5182 203 160 36 444 1056 491 43 265 232 644 298 2275 470 77 416 139 1184 442

200 897 465 2644 157 601 122 306 19875 352 562 286 253 3093 409 811 812 1259 1175 3099 175 812 256 225 1073 1003 75 714 1353 1169 51757 5158 198 159 35 439 1051 481 42 263 227 637 294 2261 467 75 410 136 1171 437

197 893 460 2630 156 597 120 303 19738 349 557 283 251 3083 403 805 803 1253 1167 3073 174 805 254 223 1058 998 73 711 1346 1158 51361 5126 196 157 34 435 1046 475 41 262 223 626 291 2237 460 74 405 134 1159 433

TOP 15 ACHIEVERS SR.NO

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

SCRIPT NAME

PREV CLOSE

// CMP

SWAN ENERGY

167

200

MASTEK LTD.

150

176

RAMCO SYSTEM

311

344

MPHASIS LTD.

518

565

KRBL LIMITED

275

297

P C JEWWELLER

354

378

MIND TREE LTD.

470

501

FORTIS HEALTH

172

183

BIOCON

943

982

EID PARRY

255

265

TVS MOTOR LTD.

363

378

TCS

2195

2282

L & T INFOTECH

654

679

AXIS BANK LTD.

456

472

RELIANCE

1028

1057

% CHANGE

+19.64 % +17.67 % +10.31 % +9.15 % +7.80 % +6.69 % +6.52 % +6.11 % +4.12 % +4.06 % +4.06 % +3.98 % +3.72 % +3.59 % +2.74 %

TOP 15 LOOSERS SR.NO

SCRIPT NAME

1

ONGC

2

PREV CLOSE

306

CMP

% CHANGE

201

-34.26 %

ULTRATECH CEM 3568

3177

-10.96 %

3

BHARTI AIRTEL

332

310

-6.55 %

4

HINDALCO INDUS 878

817

-6.53 %

5

AMBUJA CEMENT 216

202

-6.29 %

6

ACC LIMITED

1294

-6.16 %

7

COAL INDIA LTD. 306

288

-5.94 %

8

BHEL

129

122

-4.84 %

9

ICICI BANK

268

255

-4.79 %

10

AURO PHARMA

723

690

-4.59 %

11

HERO MOTOCORP 3277

3127

-4.56 %

12

ASIAN PAINTS

941

899

-4.44 %

13

ITC LIMITED

236

226

-4.15 %

14

ZEEL

460

442

-3.90 %

15

TATA STEEL

430

414

-3.83 %

1379

NEXT WEEK STARS( AS PER TECHNICAL ANALYSIS ) NSE FUTURE NSE FUTURE :SELL CENTURYTEX FUTURE BELOW 760 TGT 730 SL 775 NSE FUTURE :BUY AXISBANK DUTURE ABOVE 480 TGT 500 SL 467 NSE FUTURE :SELL HINDALCO FUTURE BELOW 170 TGT 165 SL 174

NSE CASH NSE CASH : BUY MINDAIND NSE CASH ABOVE 333 TGT 359 SL 323.

NSE CASH : BUY SASKEN NSE CASH ABOVE 422 TGT 454 SL 410.

NSE CASH : BUY TRIDENT NSE CASH ABOVE 61 TGT 66 SL 59.

NSE - WEEKLY NEWS LETTERS ✍ TOP NEWS OF THE WEEK Industrial production shrinks 1.9% in October - Industrial production contracted in October, resuming its decline after marginal growth in September, suggesting more pain going ahead as the impact of note withdrawal begins to show up. The Index of Industrial Production fell 1.9 per cent in October compared with a 0.7 per cent rise in September and 9.8 per cent growth in the year-ago month, data released by the Central Statistics Office on Friday showed. In the April-October period, production declined 0.3 per cent compared with 4.8 per cent growth last year. "Despite a good monsoon and the onset of the festival season, a lacklustre performance of industrial growth performance is indeed disappointing and reiterates the fear that health of industrial sector is in trouble," said Sunil Sinha, principal economist, India Ratings & Research. The consensus was for about 1 per cent growth. Industrial production has contracted in four out of seven months so far this fiscal. Some early numbers suggested industrial production will take a bigger knock following the government’s move to invalidate `500 and `1,000 notes on November 8. Sales of passenger vehicles rose a modest 1.82 per cent in November.

CBDT tries to allay tax terror fears as businesses go digital - An increase in turnover of a business owing to its accepting digital means of payment will not trigger reopening of cases of past years, according to a clarification issued by the Central Board of Direct Taxes. The Income Tax regulatory authority has sought to allay fears of tax terror, especially among the smaller and medium-sized business entities, many of which — in the back drop of demonetisation — would be accepting digital payments for the first time. These include retail stores, restaurants and other service agencies, ranging from coaching classes to beauty parlours. In its circular, CBDT explains, "By adopting the digital mode of payment, no financial transactions would remain undisclosed and consequently an enhanced turnover of business might get reflected in the books of accounts. "An apprehension was raised by the business community that increased turnover in the current year may lead to reopening of earlier years' cases where the turnover was lower. Reopening would cause undue harassment to taxpayers.

India's current account gap in July-Sept at 0.6% of GDP - The current account deficit narrowed by more than a percentage point to 0.6 per cent of GDP at USD 3.4 billion in the July-September on account of lower trade deficit. The July-September CAD is lower than USD 8.5 billion, or 1.7 per cent of GDP, in the same quarter of last fiscal. It is, however, higher than USD 0.3 billion or 0.1 per cent recorded in the first quarter of the current fiscal. According to RBI data, private transfer receipts, mainly representing remittances by Indians employed overseas, amounted to USD 15.2 billion,

registering a decline by 10.7 per cent from the previous level a year ago. "The contraction in the CAD on year-on-year basis was primarily on account of lower trade deficit (USD 25.6 billion) brought about by a larger decline in merchandise imports relative to exports," the RBI said in a statement. Net services receipts moderated on annual basis, primarily owing to the fall in earnings from software, financial services and charges for intellectual property rights, it said.

Bring land, realty, power under GST fold, says Arvind Subramanian - As the Narendra Modi government wages its biggest war on black money yet, Chief Economic Advisor Arvind Subramanian today pitched for including land and real estate under the GST regime to check money laundering and corruption. Arvind Subramanian, who for the finance ministry had authored a report on possible tax rates under the Goods and Services Tax, suggested that the new indirect tax set-up should be clean with simple low rates and should include land and property as well as electricity. GST, which the government intends to roll out from April 1, 2017, is to subsume central excise, service tax and state VAT among other indirect levies on manufactured goods and services, but property and electricity have so far not been talked about as being part of it. "I still think we should aspire for simple, clean structure of rates which will have on balance lower and higher rates and that will be a necessary complement to fighting against black money that the Prime Minister has launched with demonetisation of old 500 and 1,000 rupee notes," he said at a conference here. He felt that land and real estate need to be part of the GST. Bank credit plunges by Rs 61,000 crore in post note ban fortnight - The demand destruction unleashed by the November 8 demonetisation drive saw the bank credit shrinking by a whopping Rs 61,000 crore, or 0.8 per cent, during the fortnight to November 25, show the latest RBI data. But at the same time, the note ban also had a positive effect, as borrowers, including some default accounts, paid back as much as Rs 66,000 crore during the same period. In sharp contrast, during the same fortnight, banks received huge inflows as people deposited as much as Rs 4.03 trillion into the accounts, which as of December 9 crossed Rs 12 trillion, putting all calculations of the Government into a tizzy. Analysts supporting the cash recall move initially claimed that at least 20 per cent, or a little over Rs 3 trillion - out of the total Rs 15.4 trillion of the banned bank notes - would not come back to the banking system, helping the Government net a windfall from the exercise whose stated aim is to root out black money and curb corruption. This, they claimed, would be achieved by writing off a similar amount from the balance sheet of the central bank and then transferring the same the Government as surplus. But with the near total return of the banned notes, all these calculations have gone out of the window. The outstanding credit of banking system stood at Rs 72.92 trillion as of November 25, according to the Reserve Bank data. The year-on-year credit growth was just 6.6 per cent, down from 9.3 per cent a year ago.

Options before government if GST not implemented by September 2017 - Even as Arun Jaitley on

Sunday said that the last possible day to pass GST is September 16, many are discussing of what would happen in a worst case scenario, if government were to miss even this deadline? The government is required to implement the Goods and Services Tax by September 16, or there would be no tax law altogether after that since the validity of the recently passed GST bill lapses by then, point out experts. The Parliamentary logjam, with the opposition being relentless in its attack on demonetisation, has impacted government’s planned timeline on GST. “If the GST doesn't come into force by September 16, there is one view that existing specified tax legislations would cease to have effect. Hence, the government is working towards ensuring that GST is implemented before 16th September. It needs to be seen that if the same is not achieved whether the Government has an alternative plan,” said Dharmesh Panchal, India - West Indirect Tax leader, PwC. Experts say that the government may not be in a position to levy any indirect taxes as the current taxes would cease to exist while its replacement GST would not have come into force.

CPI inflation to remain below 5% in first half of 2017: HSBC - The Reserve Bank is expected to meet its target 'comfortably' as CPI inflation is likely to remain well below 5 per cent over the first half of 2017, an HSBC report says. According to the global financial services major, food prices have remained low over the first 10 days of December and it is getting increasingly likely that the RBI will meet its '5 per cent by March' CPI target comfortably. "We expect CPI inflation to remain well below 5 per cent over the first half of 2017," HSBC said in a research note. Retail inflation fell to a two-year low of 3.63 per cent in November following the Centre's demonetisation drive that led to lower consumer spending on various food items including vegetables. The report further said that demonetisation has clearly hurt activity as effective cash in circulation has contracted 60 per cent over the last month.

✍ TOP ECONOMY NEWS

Industrial production contracts 1.9% in October as against 9.9% growth in the same month last year, driven down by a contraction in manufacturing and mining sectors.

Government realised Rs324.34bn in upfront payment for the spectrum sold in the auction this year, which was lower than Telecom Department's projection of Rs345.86bn.

Direct tax collection was up by 15.12% to Rs 4.12 trillion while indirect tax collection jumped by 26.2% to Rs5.52trn during the April to November period this year.

A major banking sector union asked the RBI to supply adequate cash to nationalised bank branches and ATMs or stop cash transactions, otherwise they may resort to agitation and even go on strike.

In value terms, PE/VC investments in India stood at USD 908 million, down 50% over a deal value of USD 1.82 billion in November last year.

The

Directorate General of Anti-Dumping and Allied Duties has recommended imposition of

definitive anti-dumping duty on imports of steel tubes and pipes from China.

Premium

collection of life insurance companies has more than doubled in November while

investment in mutual funds grew by a three-fourth.

The Department of Industrial Policy & Promotion has set up a committee with representatives from various ministries such as food processing, energy and environment as well as industry bodies to identify areas where the US could be persuaded to share technology with India under the bilateral Trade Policy Forum platform.

In value terms, PE/VC investments in India stood at USD 908 million, down 50% over a deal value of USD 1.82 billion in November last year.

The

Directorate General of Anti-Dumping and Allied Duties has recommended imposition of

definitive anti-dumping duty on imports of steel tubes and pipes from China.

Premium

collection of life insurance companies has more than doubled in November while

investment in mutual funds grew by a three-fourth.

The Department of Industrial Policy & Promotion has set up a committee with representatives from various ministries such as food processing, energy and environment as well as industry bodies to identify areas where the US could be persuaded to share technology with India under the bilateral Trade Policy Forum platform.

The

Wholesale Price Index -based inflation for November 2016 came in at a five-month low of

3.15% against 3.39% in the previous month.

Finance Minister Arun Jaitley hinted that tax rates might be brought down as demonetisation is likely to bring in higher tax revenues from unaccounted wealth.

The

Asian Development Bank has trimmed its 2016 growth estimate for India to 7% from the

previous 7.4% on account of demonetisation, weak investment and agricultural slowdown.

The

demand destruction unleashed by the November 8 demonetisation drive saw the bank credit

shrinking by a whopping Rs. 610 billion, or 0.8%, during the fortnight to November 25.

Direct

investments by Indian firms abroad plunged by 70.9% year-on-year to USD747.78mn in

November 2016.

Reserve Bank of India Deputy Governor R Gandhi said Rs. 12.4 trillion of old notes scrapped have been deposited in banks till December 10.

The Central Electricity Regulatory Commission has admitted the petition filed by the Indian Energy Exchange for the introduction of green power (renewable energy) contracts.

With sharp drop imports, India’s Current Account Deficit declined to USD 3.4 billion (0.6% of GDP) for the second quarter ended September 2016 from USD 8.5 billion (1.7% of GDP) in July-September 2015.

The Consumer Price Index based inflation for November fell to 3.63% against 4.20% reported in previous month.

The

Government will start easing restrictions on cash withdrawals once 80 per cent of the new

currency introduced following demonetisation is Re-channelised through bank deposits. Restrictions on cash withdrawals will be first eased in the case of cooperative banks and then for all the scheduled commercial banks.

The Supreme Court ordered a ban on all liquor shops on national as well as state highways across the country and made it clear that licences of existing shops will not be renewed after March 31 next year.

Expanding for the third straight month, exports rose 2.29% to US$ 20 billion in November. Imports too increased by 10.44% to US$ 33 billion, leaving a trade deficit of US$ 13 billion in November.

✍ TOP CORPORATE NEWS JSW Energy Limited is believed to have initiated talks for a possible acquisition of Monnet Power’s 1,050 MW coal-fired plant in Odisha at Angul, close to the site of another Group company, Jindal

Steel & Power Ltd’s steel making facility.

A group of lenders led by State Bank of India has ordered a forensic audit of Jindal Steel & Power to find out if the company has diverted funds from projects for which the loans were given.

IL&FS Engineering and Construction Co. has emerged as the lowest bidder for rural electrification works of Jharkhand Bijli Vitran Nigam, Ranchi, worth Rs. 2.25 billion.

Tata Consultancy Services, Deloitte Touche, EY and Tally Solutions were among the 34 firms shortlisted to provide interface between the new Goods and Services Tax server and taxpayers.

MIC Electronics Limited has received a letter of award for supply of 20,000 standalone off-grid solar LED street lights with a contract price of Rs. 329 million.

Mahindra & Mahindra Limited has launched the CNG variant of its popular mini-truck Jeeto, priced at Rs. 0.35 million (ex-showroom, Delhi). The CNG variant will be available at the top-end model of Jeeto X716.

Strides Shasun has inked pacts to acquire Perrigo API India for Rs. 1 billion.

State Bank of India sold 3.9% stake in its life insurance venture SBI Life to private equity firms KKR and Temasek. The deal values SBI Life at Rs. 460 billion.

Oil and Natural Gas Corp is awaiting nod of upstream regulator DGH to commence investing USD 5.07 billion in bringing to production oil and gas discoveries in its Bay of Bengal block KG-D5.

Life Insurance Corporation has hiked its stake in Bata India Limited by 2.03%, taking its total shareholding to 7.05% in the company.

Bank of Baroda is in talks to buy a majority stake in Cent Bank Home Fin. After agreeing to a deal to sell 3.9% stake in SBI Life Insurance, its joint venture with BNP Cardiff, State Bank of India will begin the process for re-valuation of the arm, for a plan to sell a further 10% stake to the partner.

Tata Motors Limited said it will hike the prices of its passenger vehicles by up to Rs. 25,000 from next month in order to offset the increased input costs.

Natco Pharma Limited has launched generic Tamiflu capsules, used for the treatment of influenza, in the American market after the final nod from the US health regulator in Aug 2016.

Alkem Laboratories Limited said the US health regulator has issued three observations after inspection of the company’s API facility at Ankleshwar in Gujarat.

Axis Bank Limited slammed a regional newspaper report stating authorities were preparing to revoke the bank's license as "false and malafide", saying it had strong systems and controls in place as per central bank rules.

Sun Pharma and Moebius Medical have entered into an exclusive worldwide licensing deal to further develop MM-II, a novel pharmaceutical candidate for the treatment of pain in osteoarthritis.

Glenmark Pharmaceuticals Limited US business has received a boost with the launch of generic version of cholesterol drug Zetia in that market.

Morgan Stanley will buy 50 million shares 1.73% stake in Tata Motors Limited on behalf of an undisclosed client. The shares will be bought at an upper cap of Rs. 499.8, nearly 10% premium to last closing price of Rs. 454.55. At the top end, the deal size translates into Rs. 25 billion.

A massive fire has engulfed the premises of Syngene, the contract research subsidiary of Biocon Limited , possibly due to a chemical leak.

Petroleum and Natural Gas Regulatory Board last week gave GAIL India Limited four more years till February 2019 to complete the 1104 km Kochi-Koottanad-Bengaluru-Mangaluru natural gas pipeline. The Rs. 44.93 billion project was originally to be completed in March 2013.

An overwhelming majority of shareholders of Tata Consultancy Services voted to oust Cyrus Mistry as director from the company’s board at the company’s extraordinary general meeting held in Mumbai.

The US drug regulator has flagged serious problems with the testing programmes at drugmaker Sun Pharma's manufacturing facility at Halol.

Bharti Airtel Limited and Vodafone India are pushing ahead the government's broad agenda to move towards cashless economy, at a time when demonetisation has crippled cash payments due to inadequate cash in the system.

Bajaj Electricals Limited has entered into a strategic alliance with the UK-based firm Gooee to create lighting products and solutions on the Internet of Things platform.

NTPC Limited has lined up investments worth Rs. 26.48 billion for developing three coal blocks in Odisha.

Lupin Limited has received approval from the US health regulator to market its Desoximetasone ointment, used for providing relief from inflammation and itching in a skin disease.

Indian Oil Corp sought up to 80,000 t of 40ppm sulphur diesel for delivery in late December.

Wipro Limited chief executive has split the information technology major's India and Middle East business in two. And, carved a separate hyper automation group by consolidating the Artificial Intelligence assets such as Holmes that would be headed by its chief technology officer, K R Sanjiv.

Infosys Limited has invested an undisclosed amount in ideaForge , which counts India’s armed and paramilitary forces as its biggest customers.

NTPC Limited has decided to replace over 25-year-old power plants totaling 11GW capacity in the next five years at an investment of Rs. 500 billion.

Bajaj Auto Limited launched its latest sports bike Dominar 400 priced up to Rs 1.5 lakh (exshowroom Delhi) as it looks to challenge segment leader Royal Enfield in the Rs 1-2 lakh category.

Cipla Limited subsidiary in the Netherlands will pump in up to euro 16.8 million to form a joint venture with its Iranian distributor Ahran Tejarat Company. The JV proposes to undertake manufacturing and marketing of pharmaceutical products in Iran.

Welspun India Limited is investing Rs 600 crore for setting up a facility for manufacturing carpets, area rugs and carpet tiles here, marking the leading global home textile firm's foray into flooring solutions segment

� TOP BANKING AND FINANCIAL NEWS OF THE WEEK The finance ministry has written to all banks to keep a tight watch on cash deposits as seizure of large hauls of old and new currency notes and gold continues, suggesting connivance of banks in money

laundering. It has directed state-run banks and the Indian Bankers Association to ensure that deposits of new and old currency notes are properly reflected in the customers’ counterfoils and bank records.

There have been concerns that deposits in new or valid currency may have be shown as deposits in the demonetised Rs. 500 and Rs. 1000 notes and the legal currency diverted for laundering.

To avoid any malpractices, the government today asked all public sector banks to strictly maintain record of deposits made through both old Rs. 500/1,000 notes and other valid currencies. In a letter written to chief executive officers of public sector banks, the Finance Ministry asked that "maintenance of records regarding deposit of Specified Bank Note and Non-SBN, as the case may be, is essential both in the bank record as well as the customers record.

With more and more instances

of money laundering and fraudulent currency exchange surfacing,

RBI today warned of stern action against wrongdoers and asked banks to carry out a thorough central data checking, while it suspended a "junior functionary" who is being investigated. "We have issued elaborate instructions to all banks to do the central data checking and wherever they find any inconsistency, it should be pursued further through their internal audit mechanism," said deputy governor of RBI, S S Mundra, speaking to a select group of reporters here.

The office of the banking ombudsman received 1.02 lakh consumer complaints in FY16, up 21% during the year. The Banking Ombudsman Scheme aims to provide a quick and cost-free resolution mechanism for complaints relating to deficiency of banking services of common bank customers who otherwise find it difficult or cost-prohibitive to approach any other forum such as courts. The maximum rise in complaints were against private sector banks, which rose 36.5%.

The

Supreme Court today expressed concern over lack of infrastructure, manpower and other

facilities at Debt Recovery Tribunals and their appellate bodies and said lakhs of crores of rupees are non-performing assets as the recovery mechanism is not up to the mark. The bench headed by Chief Justice T S Thakur also said that it may ask the National Law School and IIM at Bangalore to jointly conduct a study as to what "ails" these quasi- judicial bodies -- DRTs and Debt Recovery Appellate Tribunals, meant for recovering bad loans of financial institutions.

The broader banking system in India will continue to be capital constrained and it will require an additional capital of up to Rs 1.2 lakh crore or USD 18 billion over next three years, says a report. In order to thrive in a resource-constrained world, banks will need to have a razor-sharp focus on managing their capital and their risk-return profiles, said the report by management consulting firm Oliver Wyman.

Small

finance banks funding mix will be different and complex after their transition from non-

banking finance companies and microfinance institutions and they are likely to need Rs. 60,000 crore of non-equity funding by the financial year 2019-2020, according to a report. The current funding mix for MFIs includes bank debt, other borrowings and equity, with bank debt being the largest proportion in the mix. Scheduled Commercial Banks prefer funding MFIs because these advances qualify as priority sector lending for them.

The Reserve Bank of India has ordered banks to investigate instances of unusual patterns in cash management at branches and currency chests — a move aimed to prevent unauthorised exchange of scrapped notes for new notes. The banking regulator has asked banks to immediately bring to their notice any such malpractice found at their bank and also track the complete trail if cash movement is in large quantity.

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